Aliko Dangote has attributed the recent reduction in petrol prices to the Federal Government’s naira-for-crude policy. This initiative allows local refineries, including the Dangote Petroleum Refinery, to purchase crude oil using the Nigerian naira instead of foreign currency. This shift has significantly lowered operational costs and reduced reliance on foreign exchange, enabling the refinery to offer more affordable fuel to Nigerians .
In a statement released on Monday, Dangote expressed gratitude to President Bola Tinubu for implementing the policy, highlighting its role in stabilizing and reducing petrol prices despite global crude oil market fluctuations. He emphasized that local refining at the world’s largest single-train refinery contributes to Nigeria’s energy security, conserves foreign exchange, and bolsters economic resilience .
The naira-for-crude policy, reinstated after a brief suspension, has been praised for mitigating forex pressure and stabilizing inflation. Analysts note that this approach encourages refinery investments and supports the nation’s goal of achieving energy self-sufficiency.
As of April 2025, the Dangote Refinery reduced the price of Premium Motor Spirit (PMS) from ₦880 to ₦865 per litre, a move welcomed by industry stakeholders and consumers alike.
This development underscores the positive impact of the naira-for-crude policy on Nigeria’s downstream oil sector, offering a pathway toward more sustainable and affordable energy solutions for the country.
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